Rhode Island 2024 Regular Session

Rhode Island Senate Bill S2858

Introduced
3/22/24  
Refer
3/22/24  
Report Pass
4/4/24  
Engrossed
4/11/24  
Refer
4/18/24  
Report Pass
5/9/24  
Engrossed
5/14/24  
Refer
5/17/24  
Report Pass
6/4/24  
Engrossed
6/6/24  

Caption

AUTHORIZING THE CITY OF PROVIDENCE TO ISSUE NOT TO EXCEED $400,000,000 GENERAL OBLIGATION BONDS AND NOTES TO FINANCE THE CONSTRUCTION, RELATED DEMOLITION, RENOVATION, IMPROVEMENT, ALTERATION, REPAIR, LANDSCAPING, FURNISHING AND EQUIPPING OF SCHOOLS AND SCHOOL FACILITIES THROUGHOUT THE CITY AND ALL COSTS RELATED THERETO, SUBJECT TO APPROVAL OF STATE HOUSING AID AT A REIMBURSEMENT RATE OR STATE SHARE RATIO OF NOT LESS THAN 75% AT THE TIME OF ISSUANCE AND PROVIDED THAT THE AUTHORIZATION SHALL BE REDUCED BY THE AMOUNT OF CERTAIN GRANTS RECEIVED FROM STATE BOND PROCEEDS, FROM THE RHODE ISLAND DEPARTMENT OF EDUCATION OR FROM THE RHODE ISLAND SCHOOL BUILDING AUTHORITY

Impact

The implementation of this bill could significantly enhance the infrastructure of schools within Providence, positively impacting educational outcomes and providing students with better facilities. The act also outlines that the authorization to issue bonds will be reduced by any grants related to state bond proceeds or financial assistance received from the Rhode Island Department of Education. This ensures that while the city can access significant funding for school improvements, it does not overly depend on state resources without compensatory measures.

Summary

Bill S2858 authorizes the city of Providence to issue up to $400,000,000 in general obligation bonds to finance various school projects. These projects encompass the construction, renovation, improvement, and furnishing of schools throughout the city. A critical condition of this authorization is that the bonds can only be issued if the state housing aid is approved at a minimum reimbursement rate of 75% at the time of issuance. This means the city can rely on substantial state funding to alleviate the fiscal burden of these improvements, fostering a more favorable environment for school renovations and expansions in Providence.

Sentiment

The sentiment around Bill S2858 appears to be cautiously optimistic, as it offers a significant opportunity to upgrade educational facilities in Providence. Supporters likely view it as a vital step toward improving the quality of education through better facilities. However, there might be concern among some legislators and community members regarding the debt that will need to be handled by the city, as the issuance of general obligation bonds adds to the city's fiscal responsibilities.

Contention

Notable points of contention include the conditions attached to the bond issuance, particularly the requirement for state housing aid. Critics might argue that relying on external funding assessments for local school infrastructures can create volatility in project completion timelines and budgets. The discussion could also highlight concerns over long-term debt implications for the city, showcasing a balance between immediate educational enhancements and future financial liabilities faced by Providence.

Companion Bills

No companion bills found.

Previously Filed As

RI H6404

Authorizing The Town Of Barrington To Finance The Construction, Improvement, Renovation, Alteration, Furnishing And Equipping Of Public Schools And School Facilities In The Town And All Expenses Incident Thereto Including, But Not Limited To, Costs Of Design, Athletic Fields, Playgrounds, Landscaping, Parking And Costs Of Financing And To Issue Not More Than $250,000,000 Bonds And/or Notes Therefor, Subject To Approval Of State Housing Aid At A Reimbursement Rate Or State Share Ratio Of Not Less Than 35 Percent At The Time Of Issuance And Provided That The Authorization Shall Be Reduced By The Amount Of Certain Grants Received From State Bond Proceeds, From The Rhode Island Department Of Education Or From The Rhode Island School Building Authority

RI S0980

Authorizing The Town Of Barrington To Finance The Construction, Improvement, Renovation, Alteration, Furnishing And Equipping Of Public Schools And School Facilities In The Town And All Expenses Incident Thereto Including, But Not Limited To, Costs Of Design, Athletic Fields, Playgrounds, Landscaping, Parking And Costs Of Financing And To Issue Not More Than $250,000,000 Bonds And/or Notes Therefor, Subject To Approval Of State Housing Aid At A Reimbursement Rate Or State Share Ratio Of Not Less Than 35 Percent At The Time Of Issuance And Provided That The Authorization Shall Be Reduced By The Amount Of Certain Grants Received From State Bond Proceeds, From The Rhode Island Department Of Education Or From The Rhode Island School Building Authority

RI H6276

Authorizing The Town Of South Kingstown To Issue Not To Exceed $125,000,000 General Obligation Bonds And Notes To Finance The Acquisition, Construction, Improvement, Renovation, Furnishing And Equipping Of A New High School, Athletic Facility, And Other School Facilities In The Town And All Expenses Incident Thereto, Including, But Not Limited To, Costs Of Design, Demolition, Athletic Fields, Landscaping And Parking And All Attendant Expenses, Including Engineering, Architectural And Other Project-related Consulting Costs, Provided That The Authorization Shall Be Reduced By The Amount Of Certain Grants Received From State Bond Proceeds, From The Rhode Island Department Of Education Or From The Rhode Island School Building Authority

RI S0994

Authorizing The Town Of South Kingstown To Issue Not To Exceed $125,000,000 General Obligation Bonds And Notes To Finance The Acquisition, Construction, Improvement, Renovation, Furnishing And Equipping Of A New High School, Athletic Facility, And Other School Facilities In The Town And All Expenses Incident Thereto, Including, But Not Limited To, Costs Of Design, Demolition, Athletic Fields, Landscaping And Parking And All Attendant Expenses, Including Engineering, Architectural And Other Project-related Consulting Costs, Provided That The Authorization Shall Be Reduced By The Amount Of Certain Grants Received From State Bond Proceeds, From The Rhode Island Department Of Education Or From The Rhode Island School Building Authority

RI H6296

Authorizing The Town Of Coventry To Issue Not More Than $25,000,000 Bonds And Notes To Finance Construction, Renovation, Rehabilitation, Repair, Improvement, Furnishing And/or Equipping Of And/or Additions To Schools And School Facilities Throughout The Town, Subject To Approval Of State School Housing Aid At A Reimbursement Rate Or State Share Ratio Of Not Less Than 49.2 % For Expenditures Eligible For Reimbursement

RI S0993

Authorizing The Town Of Coventry To Issue Not More Than $25,000,000 Bonds And Notes To Finance Construction, Renovation, Rehabilitation, Repair, Improvement, Furnishing And/or Equipping Of And/or Additions To Schools And School Facilities Throughout The Town, Subject To Approval Of State School Housing Aid At A Reimbursement Rate Or State Share Ratio Of Not Less Than 49.2 % For Expenditures Eligible For Reimbursement

RI H5101

Authorizing The Town Of North Providence To Issue Not To Exceed $125,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Construction, Renovation, Rehabilitation, Repair, Improvements, Furnishing And Equipping Of And/or Additions To Schools And School Facilities In The Town, Including, But Not Limited To, The Construction Of Three Elementary Schools, The Renovation Of Two Middle Schools And The Construction Of New Administrative Offices, Subject To Approval Of State Housing Aid At A Reimbursement Rate Or State Share Ratio Of Not Less Than 79.8% For Expenditures Eligible For Reimbursement

RI S0018

Authorizing The Town Of North Providence To Issue Not To Exceed $125,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Construction, Renovation, Rehabilitation, Repair, Improvements, Furnishing And Equipping Of And/or Additions To Schools And School Facilities In The Town, Including, But Not Limited To, The Construction Of Three Elementary Schools, The Renovation Of Two Middle Schools And The Construction Of New Administrative Offices, Subject To Approval Of State Housing Aid At A Reimbursement Rate Or State Share Ratio Of Not Less Than 79.8% For Expenditures Eligible For Reimbursement

RI H5526

Authorizing The Town Of Middletown To Issue Not To Exceed $190,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Construction, Furnishing And Equipping Of A Middle School And High School And The Renovation, Improvement, Alteration, Repair, Furnishing And Equipping Of School Facilities Throughout The Town And All Attendant Expenses Including, But Not Limited To, Demolition, Engineering, Architectural And Landscaping Costs

RI S0206

Authorizing The Town Of Middletown To Issue Not To Exceed $190,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Construction, Furnishing And Equipping Of A Middle School And High School And The Renovation, Improvement, Alteration, Repair, Furnishing And Equipping Of School Facilities Throughout The Town And All Attendant Expenses Including, But Not Limited To, Demolition, Engineering, Architectural And Landscaping Costs

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